The above dynamic will also kill Social Security and the under-funded pension liabilities of all those public sector employees. Something nobody cares about or are too dumb to figure out the math. When what happened in Detroit hits the rest of the country we’ll all be screwed thanks to politicians making promises they could not keep or did not even understand what they were doing.
The voters will. They want the government to spend all this money and don’t care where the money comes from. Just as long as “the other guy” pays. So much for Nancy Pelosi’s PayGo, or pay as you go. What a farce she was and is.
Amen to that! as I read the article, I thought about the of dollars the US owes its creditors and the rising interest rates that will absorb so much more of the available funds that are already stretched out due to economic slump. We can thank our politicians for handing out our tax money with abandon to in essence fund their elections, then borrowing beyond that to continue to do so. As it was said in the past,”…….sooner or later you run out of other people’s money”.
Well, we would be even more screwed if the dollar was not still the reserve currency that it is. Someday that will change and we will have less options. That might be a long ways off but we are still very lucky we are not much worse position due to the strength and ability to manipulate our currency/money supply on a world wide basis.
The above dynamic will also kill Social Security and the under-funded pension liabilities of all those public sector employees. Something nobody cares about or are too dumb to figure out the math. When what happened in Detroit hits the rest of the country we’ll all be screwed thanks to politicians making promises they could not keep or did not even understand what they were doing.
The politicians have been stealing from the SS fund for a long time also.
The voters will. They want the government to spend all this money and don’t care where the money comes from. Just as long as “the other guy” pays. So much for Nancy Pelosi’s PayGo, or pay as you go. What a farce she was and is.
Amen to that! as I read the article, I thought about the of dollars the US owes its creditors and the rising interest rates that will absorb so much more of the available funds that are already stretched out due to economic slump. We can thank our politicians for handing out our tax money with abandon to in essence fund their elections, then borrowing beyond that to continue to do so. As it was said in the past,”…….sooner or later you run out of other people’s money”.
Well, we would be even more screwed if the dollar was not still the reserve currency that it is. Someday that will change and we will have less options. That might be a long ways off but we are still very lucky we are not much worse position due to the strength and ability to manipulate our currency/money supply on a world wide basis.